EBITDA declined to a loss of around Rs 42 crore, compared to a positive EBITDA of around Rs 123 crore in the year-ago quarter.The company’s operating revenue fell nearly 20% year-on-year to around Rs 300 crore, compared to around Rs 370 crore in the corresponding quarter last year, due to continued pressure on its core subscription business amid cord-cutting and increasing competition from digital platforms.
Subscription revenue fell 32% year-on-year to around Rs 225 crore, compared to around Rs 330 crore a year earlier. Subscription revenues accounted for approximately 75% of operating revenues, compared to nearly 89% in the prior year quarter, highlighting continued subscriber churn and pressure on average revenue per user.
The decline in subscription revenues was partially offset by growth in non-subscription revenues. Marketing and promotion costs rose 27% year-on-year to around Rs 40 crore, while advertising revenue rose sharply to almost Rs 5 crore, albeit on a low base.
On the cost side, total expenses rose 36% year-on-year to around Rs 341 crore, significantly outpacing revenue growth. Costs as a percentage of operating income increased to approximately 114%, compared to approximately 67% in the same quarter last year. Cost of goods and services rose 17% to nearly Rs 160 crore, while employee costs rose 5% to around Rs 39 crore. Other costs, including sales and distribution expenses, rose sharply by almost 85% to around Rs 142 crore, due to higher operational and platform-related expenses.
Despite the weak financial performance, management reiterated its focus on building a hybrid entertainment ecosystem. The company continues to expand its footprint in connected devices, scale its Watcho OTT platform and deepen content partnerships to diversify revenues beyond traditional DTH subscriptions.
Commenting on the performance, Executive Director Manoj Dobhal said the Indian home entertainment market is undergoing a structural shift and Dish TV is repositioning itself by integrating live TV, OTT and smart features into a unified offering. He added that deeper OTT integration, creator monetization through FLIQS and strategic content partnerships are expected to strengthen the company’s value proposition in the long term.
Looking ahead, Dish TV says it remains focused on driving new activations through its Rs 999 no-subsidy set-top box, improving customer retention and optimizing costs to support cash flows, even as execution risks around churn, monetization and service quality remain high.
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